Upgrading? Cost & Value

Yes, it may be newer, bigger, faster, shinier. But there are two questions to consider before reaching for the next new thing: 1) What’s the cost? and 2) What’s the value?

What’s the cost? And not just the number on the price tag, but all the other costs associated with it. What’s the cost in terms of your time and attention? What’s the cost for any related or ongoing expenses that will be necessary? What are the opportunity costs you’ll incur by the time and money you spend?

What’s the value? How will it make your life better? Is it providing a real solution to a real problem?

Whether due to advertising or our own desire for status, we can convince ourselves we need something different than what we have. And we think that once we get it, it will make life so much better. But will it? And if so, how long will it be till it’s no longer good enough?

There will be times to upgrade, no doubt. But in making our decision to do so, it’s valuable to consider both the cost and value of our choice. Because it’s all too easy to underestimate the one and overestimate the other.